The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1887-05-05

interest In the Union Pacific 50
strong that they had always been
| rather over ecrupulouS IN their trans
SaIina, Lincoln 81 Western railway
was constructed from Salina, Neb., By
!, the company. It runs into country
from which is drawn frSt-claSs bust
ness. Another company came on the
fgound and proceeded to build COM
peting line, and the Union Pacific was
obliged to build in self-defense. The
road is fifty miles long and cost about
After recess of an hour the exami-
nation of Mr.. Adams was resumed.
Mr.. Gould first came into the Union
Paciic in 1874 or 1875, when Cakes
Ames had his trouble and was obliged
to sell his stock. Sidney Dillon, Fred
Z. Ames, D. r. Galloway, David
Davis, Dwinnel M: Dodd, Jno. Sharpe
and g. F. Adams have been directors
many years and there are not more
than four Of the present directors who
have been in the board since the Begin
ming. The Kansas Central connects
with two other branches and thus in
directly with the main line. 1t is a
poor property but can possibly be made
profitable by widening the gauge.
The Lawrence & Emporia runs TWEEN
4
fields at Carbonate. The coal is poor
and the mines improbable. The Leg
l islature of Kansas is after the COM
pany which is forced to run it at loss.
1t has lost S137 600 to date.
The Union Pacific has 500 miles of
| narrow gauge, but it is the policy of
the company to substitute the standard
Republican Valley Railroad Company
consists of system of $50 miles in Ne
braSka. It runs through an agricultu-
raj country. He would like to buy it
up at any time. Mr.. Adams could not
tell the first cost of construction of the
Union Pacific. He did not know any
thing of the affairs of the road until
be time when he must
take the road and accept it as an ac-
cOmplished fact, and that period was
fixed at 1880. He had rather avoided
it prior to that time. The road was
built just after the war, when prices
were unsettled. It was built in the
most extrayagant manner possible.
clt1c had been elaborated at an enOr-
nous expense, and that every dollar of
money might just as we'll have been |
paid into the pockets of the stock
holders in dividends. The branches of
the road were paying, so it would
seem, for while they made deficits it |
was fact that they fed the main line
with business on which large profits
were made. Mr.. Adams had
receiving about $5,OO0,O0O from the |
branch system. The company had |
gone into outside enterprises, not al |
ways successful. The road was driven |
into schemes to develop this or that |
industry by press and people. Reply |
ing to question of Ex-Governor Pat |
terson, Mr.. Adams said that he did not |
know OF any instance where director, |
officer or employe of the Northern Pa
cific had had any interest or contract |
with the Union Pacific. The last divi- |
dend of the road was declared March |
1884. The net earnings of the road |
for the past three years had been
devoted to improving the property. |
The floating debt touched its highest |
point July !, 1884. It was then 81 $780, |
600. Mr.. Adams had vouchers for all |
expenses and thought the Office would |
stand great deal of investigation on
that score. There was an inclination |
to legislate against the Union Pacific |
by the State Legislatures, and their |
tax was enormous, being 100000 per
year. Adjourned.
ARTIFICIAL VALUES.
NEW YORK, April 29.-Before the
Pacific Railroad Investigating Commits |
sion to-day the examination of Charles |
Francis Adams was resumed. He was
Intercepted regarding the branches of
the main road. The Omaha & Ne |
braSka road is an agricultural road, and |
is, as a connection of the Union Pacific, !
profitable property. The Oregon Short |
Line runs from Granger, on the Union |
Pacific, and connects with the Oregon |
Navigation Company's road at Burling
ton. 1t was built in 1882. 1t was sup
posed at this time that the Northern |
Pacific would not be completed in many |
years. This road was built to catch |
the Washington and Oregon traffic, |
which was very valuable, but Mr.. |
Willard came upon the scene and the |
Northern Pacific was completed first. |
The road is $40 miles long and runs |
along the valley of the Bear River, |
through a grazing, farming and noun |
tain country, then through lava bed, |
then through a mining country and |
Boise City. Witness regarded the lava |
section as the most promising in the |
country. The railroad was built at the |
rate of S25, 600 per mile. and stock was |
the same. The stock holders of the |
Union Pacific took all the bonds and |
one-half of the stock. The other half |
of the stock is in the Union Pacific |
IA V4sOOO pIOO WO1Sh "a i
stock were sold for 81 900. The road is |
great feeder to the Union Pacific. |
All roads in the west can be built for |
thirty per cent less now than five |
or six years ago, prices of material |
having gone down and artificial values |
in the West having subsidized. The |
Union Pacific had guaranteed payment |
of the Oregon Short Line bonds ON the |
advice of Sidney Bartlett, Judge John |
II of Of fhn
road. They advised that it was legit- |
innate without the consult of Congress. |
Governor Pattison said that the act of |
Congress stated that the road shall not |
issue or guarantee the issue of bonds |
without the permission of Congress. |
Mr.. Adams said he knew that, but he
obtained the written opinion of the
counsel. He was not a lawyer and
must be guided by them. He was an
officer and was aware that if he made
himself liable he must suffer the PEN
atty.